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ASM shares surge on US takeover bid

1/21/2026, 6:33:32 PM | United States | Australia

Mining

Australian Strategic Materials shares jumped over 120% after a US takeover approach, casting doubt on a planned $740m Dubbo rare‑earths refinery.

Shares of Australian Strategic Materials jumped more than 120% after an American suitor launched a takeover approach, putting plans for a proposed $740 million rare‑earths refinery near Dubbo in doubt.
Trading on Jan 21 showed heightened volume as investors re‑priced the company’s near‑term prospects: previous close A$0.275, intraday range A$0.270–0.290, 52‑week range A$0.125–0.620 and market capitalisation about A$1.327 billion. Volume was roughly 25.0 million shares.
The potential acquisition raises questions about the refinery’s progress and funding pathway; a change of control could delay or sideline the project amid competing strategic priorities and offtake negotiations. ASX filings from December 2025 also recorded shifts in substantial holders, underscoring active position‑taking ahead of the bid.
The episode underscores how quickly valuations in the critical‑minerals sector can reallocate as geopolitical, financing and industrial strategy factors converge.

Recent Developments

2/10/2026

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2/3/2026

Arafura Rare Earths Faces Funding Milestone Amid Price Pressure

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1/28/2026

Arafura Rare Earths Market and Project Update

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1/27/2026

Arafura Rare Earths Rally Fueled by Government Funding

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1/26/2026

Arafura Rare Earths Gears Up for Key Investor Update on Nolans Project

Arafura Rare Earths (ASU:ARU) is set to host a crucial investor briefing on January 29, 2026, highlighting progress on its flagship Nolans Project amid strong government backing and financing milestones.

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Arafura Rare Earths

ARU
Arafura Rare Earths Limited engages in the exploration and development of mineral properties in Australia. It focuses on the production of rare earth products, such as neodymium-praseodymium and mixed middle-heavy rare earths oxides. The company's flagship project is the Nolans project, a rare earths-phosphate-uranium-thorium deposit located in Northern Territory, Australia. The company was formerly known as Arafura Resources Limited and changed its name to Arafura Rare Earths Limited in October 2022. Arafura Rare Earths Limited was incorporated in 1997 and is based in Perth, Australia.
Australian Securities Exchange (ASX)